MTA Fares and Tolls
MTA Fares and Tolls
Fare/Toll increases Key Component of Strategy to Balance MTA's Fragile Budget
? Continued cost cutting to generate $1.1 Billion in recurring savings by 2015
? Labor agreement with three years of net-zero wage increases
? Fare/toll increases in 2013 and 2015
? 2013 increase must generate annualized $450 million ? 2015 increase must generate annualized $500 million
What is driving the need for fare/toll increases?
1
Non-Discretionary Expenses are Increasing Faster Than Inflation
CPI
Discretionary PS/OTPS
Non-Discretionary Pensions
Employee and Retiree Healthcare
Energy Paratransit
Debt Service
Compounded Annual Growth Rate (CAGR)
2011 Actual to 2012 Mid-Year Forecast
2011 Actual to 2016 Forecast 1.8%
1.8%
6.4% 8.4%
5.2% 10.2%
9.2%
2
The Proposed Fare and Toll Increases Cover Only 35% of the Increase in Non-Discretionary Expenses
$4,992
($ millions) 1,197
1,023
Pensions Healthcare Energy Paratransit Debt Service
$539
$1,019
$382
$1,471
$465
$1,963
$898
351 321
2,100
$1,745
425
1,320
2012
2013
2013
Revenue from 2013 Fare/Toll Increase
2014
2014
Revenue from 2013 Fare/Toll Increase
2015
2015
Revenue from
2013/2015 Fare/Toll Increases
NonDiscretionary
Expenses
Revenue from
2013/2015 Fare/Toll Increases
3
Even with Planned Fare/Toll Increases
and Cost Containment,
Deficits Totaling $503 Million Remain
($ in millions)
500
47
0
146
46 382
-248
-14
-231
425
-500
745
227
465
515
473
-1,000
870
290
307
476
-1,500 -2,000
940
307
1,050
1,135
-2,500
-3,000
2012
2013
2014
2015
2016
Savings Initiatives 2015 Fare/Toll Increase
Net Zero Savings Remaining Deficit
2013 Fare/Toll Increase
4
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